Asia Pacific Industrial Refrigeration Equipment Market Forecast to 2030 - Regional Analysis - by Type; Refrigerant Type; and Application

The Asia Pacific industrial refrigeration equipment market is expected to grow from US$ 7,497.19 million in 2022 to US$ 15,729.90 million by 2030. It is estimated to grow at a CAGR of 9.7% from 2022 to 2030.

Growing Popularity of CO2 and NH3-based Systems Fuels Asia Pacific Industrial Refrigeration Equipment Market

Natural refrigerants are being adopted for their environmental benefits, energy efficiency, and regulatory compliance. CO2 (carbon dioxide) and NH3 (ammonia)-based systems are considered natural refrigerants with low Global Warming Potential (GWP) compared to synthetic refrigerants such as HFCs. As environmental regulations become strict, industries are adopting more environmentally friendly solutions to reduce their carbon footprint and comply with regulations such as the Montreal Protocol. CO2 and NH3-based systems are known for their excellent thermodynamic properties, thereby offering high energy efficiency. These systems can operate effectively across a wide range of temperatures, making them suitable for various industrial applications, such as cold storage, food processing, and petrochemical industries. Also, CO2 and NH3 have good heat transfer properties, enabling them to achieve effective cooling and freezing processes. The use of properly designed and maintained systems with these refrigerants can offer safe operation.

Furthermore, industry associations, governments, and organizations are actively promoting the adoption of natural refrigerants. They provide resources, training, and best practices to help industries successfully transition to CO2 and NH3-based systems. Hence, the growing popularity of CO2 and NH3-based systems is likely to generate lucrative opportunities for the industrial refrigeration equipment market growth during the forecast period.

Asia Pacific Industrial Refrigeration Equipment Market Overview

The industrial refrigeration equipment market in Asia Pacific is segmented into China, Japan, South Korea, India, Australia, Thailand, Vietnam, Indonesia, Malaysia, and the Rest of Asia Pacific. In the region, various manufacturers of the industrial refrigeration system are expanding their presence. For instance, in September 2019, Epta S.p.A. announced the acquisition of Sofrico, a market leader in the design, sales, service, and contracting of systems, cabinets, and cold rooms for industrial refrigeration. With this acquisition, Epta S.p.A. is further expanding its operations in Asia Pacific countries, where the company has well-established manufacturing plants, sales offices, service centers, and distribution centers in China, Thailand, Singapore, Malaysia, the Philippines, and Australia. Thus, the rise in such strategic acquisitions by key players contributes to the adoption of industrial refrigeration equipment in the region.

Industrial refrigeration equipment maintains the cold chain storage for the vaccines. In April 2022, Honeywell International Inc. announced that Sinopharm Shanghai Biomedical Co., Ltd. - a subsidiary of China National Pharmaceutical Group Co., Ltd. (Sinopharm) - has adopted Honeywell Solstice N40 (R-448A) refrigerant. Solstice N40 is considered to be a reliable choice for most refrigeration customers in the global industrial and commercial sectors; this refrigerant helps save energy and reduce carbon emissions while meeting stringent regulatory requirements. Thus, the rising deployment of such refrigerants helps boost the adoption of industrial refrigeration equipment in cold storage facilities in Asia Pacific.

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a Pacific Industrial Refrigeration Equipment Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Industrial Refrigeration Equipment Market Segmentation

The Asia Pacific industrial refrigeration equipment market is segmented into type, refrigerant type, application, and country.

Based on type, the Asia Pacific industrial refrigeration equipment market is segmented into mechanical-compression refrigeration systems, evaporative cooling, absorption, thermoelectric. The mechanical-compression refrigeration systems segment registered the largest Asia Pacific industrial refrigeration equipment market share in 2022.

Based on refrigerant type, the Asia Pacific industrial refrigeration equipment market is segmented into ammonia - R717, carbon dioxide (CO2) - R744, and hydrocarbons - HCs. The ammonia - R717 segment held the largest Asia Pacific industrial refrigeration equipment market share in 2022.

Based on application, the Asia Pacific industrial refrigeration equipment market is segmented into food and beverages, pharmaceutical, chemical and petrochemical, district cooling, data centres, electricity production, and others. The food and beverages segment held the largest Asia Pacific industrial refrigeration equipment market share in 2022.

Based on country, the Asia Pacific industrial refrigeration equipment market has been categorized into China, Japan, South Korea, India, Australia, Thailand, Vietnam, Indonesia, Malaysia, and the Rest of Asia Pacific. China dominated the Asia Pacific industrial refrigeration equipment market in 2022.

BITZER Kuhlmaschinenbau GmbH, Carrier Global Corp, Danfoss AS, Evapco Inc, Honeywell International Inc, Johnson Controls International Plc, and Mayekawa Australia Pty Ltd are some of the leading companies operating in the industrial refrigeration equipment market in the region.

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